WTECL(600157) 国海证券·2024-08-11 02:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to further enhance its coal assets, with promising new projects in its main business in the future [1] - The recent approval of a 5 billion yuan syndicated loan will accelerate the construction of the Haizetang coal mine project, which has a high-quality coal resource of 1.145 billion tons [3][4] - The acquisition of a 51.0095% stake in Tianyue Coal Industry is projected to increase the company's coking coal resources by 28.3696 million tons and annual production capacity by 600,000 tons [5] Financial Performance and Forecast - The company’s revenue for 2024-2026 is projected to be 33.06 billion, 33.83 billion, and 35.43 billion yuan, respectively, with year-on-year growth rates of +10%, +2%, and +5% [6][7] - The net profit attributable to shareholders is expected to be 2.428 billion, 2.754 billion, and 3.295 billion yuan for the same period, reflecting growth rates of +7%, +13%, and +20% [6][7] - The earnings per share (EPS) are forecasted to be 0.11, 0.12, and 0.15 yuan for 2024, 2025, and 2026, respectively [6][7] Key Projects and Developments - The Haizetang coal mine is expected to start production in June 2026, with an annual output of 3 million tons in the first year and 10 million tons upon reaching full capacity [6] - The coal-to-aluminum project is anticipated to generate additional annual revenue of over 2.7 billion yuan and a net profit of approximately 460 million yuan [5] Market Performance - The company's stock has outperformed the CSI 300 index by 4.3% over the past month, while it has underperformed by 9.7% over the past three months and 18.8% over the past year [2]